The Federal Board of Revenue (FBR) has issued a clarification regarding changes made to the income tax return form 2025, just days before the deadline for filing returns.
The deadline for filing income tax returns remains September 30, the FBR said.
However, reports emerged that a new column had been added to the IRIS form, requiring taxpayers to disclose the market value of their assets. This development caused concern among taxpayers, especially as the filing deadline draws near.
In its clarification, the FBR stated that no new SRO has been issued in this regard. The additional column, it said, had been incorporated into the form on August 18.
The stated purpose of the new column is to determine the market value of assets, enabling the collection of authentic data for better policymaking.
The FBR stressed that the requirement to declare the market value of assets has no bearing on tax liability and would not be used to initiate proceedings against any taxpayer.
It stated that the inclusion of the market value of assets on page 66 of the return form had already been mandatory. However, many taxpayers were entering zero in the relevant field, which has now been restricted.
It clarified that declaring the market value of property remains entirely at the discretion of the taxpayer. It added that the purpose of the required details was neither tax calculations nor any notice would be issued for errors in this information.
The revenue authority stated that wealthy individuals were already submitting information regarding their assets under Section 7E, while other taxpayers are only expected to declare values close to actual market prices.
It emphasised that asset values declared will neither be used for tax calculation nor considered in the reconciliation of the wealth statement. Taxpayers who have already filed returns will not be asked to re-file.
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